Indian benchmark indices opened on a flat note on Thursday as investors remained cautious ahead of key retail inflation data. Early trade witnessed selling pressure in the auto, IT, and PSU Bank sectors.
As of 9:28 a.m., the Sensex was trading 69.22 points, or 0.08 per cent higher, at 82,584.36, while the Nifty rose 23.65 points, or 0.09 per cent, to 25,165.05.
The Nifty Bank index was up 98.65 points, or 0.17 per cent, at 56,558.40. Meanwhile, the Nifty Midcap 100 was trading at 59,267.75, down 120.40 points or 0.20 per cent, and the Nifty Smallcap 100 stood at 18,772.35, having declined by 26.40 points or 0.14 per cent.
According to analysts, although the Nifty closed higher in the previous session, it retreated from its intra-day high. Technically, the candle formed was a doji with a slightly extended upper shadow, following the ‘upside-gap two crows’ pattern. Analysts suggest that the bulls now have the responsibility to defend the 25,029 level in the near term.
“If bears manage to push the index below the 24,987–25,029 zone, a test of the 24,800–24,863 range becomes highly probable,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Among Sensex constituents, Asian Paints, Sun Pharma, Bajaj Finserv, Bharti Airtel, Bajaj Finance, NTPC, and HDFC Bank emerged as the top gainers. In contrast, Infosys, Eternal, Tata Motors, Tech Mahindra, HCL Tech, Tata Steel, and IndusInd Bank were among the top losers.
In Asian markets, Hong Kong, Bangkok, Jakarta, and Japan were trading in the red, while Seoul and China saw gains.
In the previous trading session, the Dow Jones Industrial Average closed marginally lower at 42,865.77, down 1.10 points, or 0.00 per cent. The S&P 500 fell 16.57 points, or 0.27 per cent, to 6,022.24, while the Nasdaq dropped 99.11 points, or 0.50 per cent, to close at 19,615.88.
Experts suggest the market’s recent flat trend is likely to persist in the near term due to a lack of clear positive triggers.
“There are reports of a potential agreement between the US and China, but no official confirmation has come from the Chinese side,” noted analysts.
“Additionally, U.S. President Donald Trump has announced plans to send letters to trade partners within the next two weeks, outlining universal tariffs. Market participants are waiting for more clarity, as the tariff crisis is far from resolved,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the institutional front, foreign institutional investors (FIIs) were net sellers, offloading equities worth ₹446.31 crore on June 11. Meanwhile, domestic institutional investors (DIIs) were net buyers, purchasing equities worth ₹1,584.87 crore.
— IANS